Ownership (1) By default, rental profit from property jointly owned by spouses/civil partners is taxed 50:50 irrespective of the underlying respective proportion ... Continue Reading
PPR relief is not allowed on the sale of property purchased as the residence of an elderly or infirm (‘dependent’) relative. ‘Dependent relative’ ... Continue Reading
Expenses may be incurred in the setting up of a letting business before the first rental receipt is received (for example, travel, phone, advertising, etc.). If ... Continue Reading
The usual practice when letting a property is for a tenant to pay a deposit to a landlord when moving into the property. The deposit is returned at the end of the ... Continue Reading
HMRC do not have the power to tell a landlord how much to charge for the rental of their property. However, they can restrict the amount of expenses claimed against ... Continue Reading
HMRC do not have the power to tell a landlord how much to charge for the rental of their property. However, they can restrict the amount of expenses claimed against ... Continue Reading
A property deal is termed as being made at ‘arm’s length’ if it is a normal commercial transaction between two or more persons. A transaction ... Continue Reading
Where the property business of a sole trader or partnership has ceased, a post-cessation relief allowing offset against current income may be available where, ... Continue Reading
A CGT charge may arise on the disposal of land. In order to calculate the capital gain or loss arising, a valuation is required where: the land ... Continue Reading
There is a restriction on the size of garden or grounds attached to a main residence that can be granted PPR relief. The ‘permitted area’ must not ... Continue Reading
